Everything about Great Western Bank totally explained
» Great Western Bank is also the name of a bank that operates in the midwestern United States, with branches in Iowa, Nebraska, South Dakota, Missouri, Kansas and Arizona. See www.greatwesternbank.com
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Great Western Bank (previously known as Great Western Savings & Loan) was a large consumer bank that operated primarily in the Western
United States. Great Western's headquarters were in
Chatsworth, California. The bank was acquired by
Washington Mutual in 1997 for $6.8 billion.
Great Western Bank was held by Great Western Financial Corporation ("GWFC"), a corporation organized under the laws of the state of
Delaware.
History
Great Western was founded in 1919 in
California as a
Savings and Loan(External Link). In 1955, it was merged into a holding company, Great Western Financial Corp.
Within five years, Great Western acquired Santa Ana Savings (1956), West Coast Savings (Sacramento, 1957), Guaranty Savings (San Jose, 1958), Central Savings (San Luis Obispo, 1959), and First Savings (Oakland, 1959). The company later bought Santa Rosa Savings (1968) and Safety Savings (Los Angeles, 1969). In 1970 and 1971, GW purchased four additional California S&Ls.
In 1972, Great Western Financial combined them all into Great Western Savings.
In the early 1980s and until the early 1990s, Great Western retained
Dennis Weaver as its spokesman.
Northridge Earthquake
On
January 17,
1994, GW's administrative campus in
Chatsworth, California was particularly affected by the
Northridge earthquake. Despite the quake, that year's profits quadrupled, thanks to the need for lower loss reserves and the gain on the sale of its 31 branches on Florida's Gulf Coast.
In 1995, GW's chairman
James Montgomery passed the office of CEO to president John Maher, who accelerated the drive toward banking services.
In 1996, the company announced a $115 million restructuring program that would eliminate 800 jobs, consolidate mortgage banking branches, and install new technology. Later that year, GW sold its student loan business to Crestar Bank.
In early 1997 California thrift
H.F. Ahmanson & Co. launched a hostile
takeover bid for the company, but
Washington Mutual's friendly offer won out later that year. Ironically, in 1998 WaMu acquired Ahmanson for $10 billion.
Other
The Forum, an arena in
Inglewood, California, famous as the former home of the
Los Angeles Lakers and
Los Angeles Kings, was known as the "Great Western Forum" for several years. This name came from Great Western S&L, which paid for the
naming rights on the arena in 1988. The name still remained for several years though Great Western ceased to exist. The 15-year naming rights contract expired in 2003, and the Great Western name was finally removed in 2006.
Further Information
Get more info on 'Great Western Bank'.
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